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For anyone considering a First Premier credit card.
http://www.businessinsider.com/first-premier-banks-79-apr-credit-card-is-nothing-new-2009-10
CB
"Fee Harvester" cards like FP will be dealt a severe blow when the final provisions of the Credit CARD Act of 2009 become effective in February:
(1) IN GENERAL- If the terms of a credit card account under an open end consumer credit plan require the payment of any fees (other than any late fee, over-the-limit fee, or fee for a payment returned for insufficient funds) by the consumer in the first year during which the account is opened in an aggregate amount in excess of 25 percent of the total amount of credit authorized under the account when the account is opened, no payment of any fees (other than any late fee, over-the-limit fee, or fee for a payment returned for insufficient funds) may be made from the credit made available under the terms of the account.
@MrShush wrote:
Heh, I guess I was one of the lucky. When I was rebuilding years ago, the fees were a necessary evil. The card served it's purpose and after a year was closed. I go tthe score boost I needed to prime territory. It's really a shame that some people get shafted so badly from this lender.
No evil like that is ever necessary. Get a secured card or go to a CU. Don't give your money to criminals like this.
The latest Credit Act which was supposed to protect the consumer apparently had a loophole you could drive a truck through. I have a credit rating of 711 and I have not been late on any payments for over 7 years. I just received a credit card offer from First Premier Bank and the Interest Rate is 36%, yes, 36%!!!! The Annual Fee is $100 for the first year, and then $49 per year annually. They don't have a monthly transaction fee for the FIRST YEAR, but after that they charge $8.25 per month whether you have used the card or not - even with a zero balance!!!!! If you were foolish enough to use the cash advance, they charge either $6.00 or 5% of the cash advance amount, whichever is greater. The Rate of 36% is in effect regardless of perfect payments or not.
Here is the hilarious part.
I have one Premier Bank Card which I acquired back around the year 2002. It has a much lower interest rate and I have never been late on any payments the whole time since 2002. First Premier Bank just sent me a letter exclaiming that due to my excellent credit record, they are willing to give me another credit card with an interest rate of 36%, with all of the caveats that I mentioned in the above paragraph.
I find it incredible that our legislators allowed such a criminal interest rate to be allowed by law. A person could get a better deal from an illegal loan shark.
I actually believed the new Credit Act was going to restrict the interest rates and outrageous fees on credit cards so that regular people would be protected. There is no protection for the uninformed. If they don't read the terms and conditions of some of these credit card companies, they will pay a terrible price.
I think people have not seen the illegal pay day loans interest rates of 300 to 500%. 36% APR is nothing compared to pay day loans. There are people who would borrow at qany cost which is why banks like First Premier exist.
wow really old thread, but if you think 36% is bad, go look at payday loans or the loans offered by western sky, i saw their rates on a joke site and didn't think they were real, they advertise a $5000 loan w/ apr of 116.73% 84 pmts of $486.58 = $40,872.72
I received a offer from Great Plains Lending for a loan up to 2K,
their example was 1300 @249.30% with 30 bi-weekly payment of 133.13, that's crazy
Unbelievable!!!
When I was growing up, the Pennsylvania Legislature had a law that allowed a maximum rate of 18% for credit cards... ...the legislators of today are incredibly disconnected from us regular people, to allow those outrageous pay day loan rates and the lousy credit card rates.
The idea that the legislators are out to protect us is a total joke... ...and now they want to get sales tax from the internet. There's not much blood left to get out of our bodies.